I haven't done it personally, but I know of people that have. There have been properties that I've looked at to buy that I found out that they'd been bought by an investor on a short sale.
It is very much possible. Usually with commercial lending there is a much lower LTV which eliminates much of the problem. However when a building is being foreclosed on and the loan is from a traditional lender, they are more than likely very interested in a short sale. I find that a high percentage of apartment buildings are financed by a local bank which may make them harder to "steal" since the banks are right there in the market. I'm sure it is possible so I would go ahead and try. Let us know how it goes!
is the LTV usually low because the developer had to put alot of money down or because the combination of rents bring down the LTV faster than normal ..?
i hear that any multi over 4 units must have a commercial loan- true?
The simple answer would be yes. The realistic answer would be that it would be much, much more complicated.
Usually, the mortgagees are in place to take over a failed project.
so it 'can' be done, assuming the building is in foreclosure...
what kind of mortgagees are in place? are they affiliated with the lender?
I haven't done it personally, but I know of people that have. There have been properties that I've looked at to buy that I found out that they'd been bought by an investor on a short sale.
It is very much possible. Usually with commercial lending there is a much lower LTV which eliminates much of the problem. However when a building is being foreclosed on and the loan is from a traditional lender, they are more than likely very interested in a short sale. I find that a high percentage of apartment buildings are financed by a local bank which may make them harder to "steal" since the banks are right there in the market. I'm sure it is possible so I would go ahead and try. Let us know how it goes!
myfrogger
is the LTV usually low because the developer had to put alot of money down or because the combination of rents bring down the LTV faster than normal ..?
i hear that any multi over 4 units must have a commercial loan- true?